Add up what your family would need. Subtract what you already have. What's left is your gap. That simple.
Assumptions
Set these once. They apply to everything below.
Inflation grows what your family needs each year, since prices rise. Return assumes the payout is invested and keeps earning while they draw on it, so you need a bit less than the raw total. Defaults are fine for most people.
1 · Protection needs
What your family would need if your income stopped.
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Funeral, final medical bills, estate costs.
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Already worked out your education or other costs? Enter the total here.
2 · Protection sources
What you already have to meet it.
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Group cover from work plus any personal policies.
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Savings and investments your family would draw on.
Cover to arrange
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Your need, minus what you already have.
Your protection needs
Income replacementinflation-adjusted—
Debts, loans and mortgage—
Final expenses—
Goals to fund—
Protection needs—
Protection sources—
Your gap—
Income replacement is your yearly amount grown for inflation over the years you set, then adjusted for what a payout could earn. It's usually the biggest piece, which is why coverage adds up fast.
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How this works. Your protection needs are what your family would rely on: your income for a set number of years, your debts, final expenses, and any goals you want funded. Your protection sources are what you already have to meet it: your insurance and the savings your family could use. Needs minus sources is your gap. Unlike a simple "income times ten" rule, this adjusts for inflation and for the fact your payout keeps earning, so it lands closer to what your family actually needs. This is a quick estimate for education, not financial advice, and not a recommendation to buy or cancel any policy. The full version, your life, critical illness, disability, and income protection sized against your whole plan, is what I build with clients.
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The number is one thing. A whole plan is another.
If you want to protect your income and build the full plan to retire before sixty, that's what the Early Retirement Blueprint is for.